Free US Law Dictionary

Globalization

Globalization (or globalisation) in its literal sense is the process of globalizing, transformation of some things or phenomena into global ones. It can be described as a process by which the people of the world are unified into a single society and function together. This process is a combination of economic, technological, sociocultural and political forces.[1] Globalization is very often used to refer to economic globalization, that is integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology.[2]

Thomas L. Friedman "examines the impact of the 'flattening' of the globe", and argues that globalized trade, outsourcing, supply-chaining, and political forces have changed the world permanently, for both better and worse. He also argues that the pace of globalization is quickening and will continue to have a growing impact on business organization and practice.[3]

Noam Chomsky argues that the word globalization is also used, in a doctrinal sense to describe the neoliberal form of economic globalization.[4]

Gordon Mathis, in his landmark analysis "Understanding the Postmodern World," postulates that globalization is a revolution in the way people and societies transmit and analyze information.

Herman E. Daly argues that sometimes the terms internationalization and globalization are used interchangeably but there is a slight formal difference. The term "internationalization" refers to the importance of international trade, relations, treaties etc. International means between or among nations. "Globalization" means erasure of national boundaries for economic purposes; international trade (governed by comparative advantages) becomes interregional trade (governed by absolute advantages).[5]